New banking rules effective May 15: Act now to avoid penalties

Major changes are coming to the banking sector from May 15th. These include PAN-Aadhaar linking, KYC updates, and minimum balance requirements. Failure to comply within the specified timeframe may result in penalties.

New banking rules

Major changes are coming to the banking sector from May 15. Several things have been made mandatory. Failure to comply with the newly issued rules may result in penalties or discontinuation of bank services.

Link your PAN and Aadhaar

Complete these tasks by May 15 to avoid potential problems. Link your PAN and Aadhaar. Bank accounts without PAN-Aadhaar linking will face restrictions.

KYC

Update your KYC by providing your address, phone number, and income proof.

Which accounts will be inactive

To secure your account, check if your Aadhaar and PAN are linked and update your KYC. Accounts inactive for over 24 months will be identified and reactivated by the bank. Contact your bank if your account has been inactive for 2 years.

How to update KYC

You can ensure these updates online by logging into your account. These tasks must be completed by May 15 to avoid penalties. Rules are changing soon. Quickly link your Aadhaar and PAN, or submit your KYC. Failure to complete these tasks by May 15th will result in heavy penalties. Comply with these rules promptly.